Investors liked what they heard about the future following the company’s latest results, but Elon Musk is under huge pressure to deliver on his vision as a series of targets have been missed.
Tesla is to axe production of two electric vehicle (EV) models as part of a shift towards robotics after the company reported its first ever decline in annual revenue.
Chief executive Elon Musk told analysts on a conference call that the company would stop selling its older Model S and Model X vehicles and convert factory space to manufacture its Optimus robots instead.
Tesla revealed that investment would more than double this year to $20bn (£14.5bn), with $2bn of that sum going to his artificial intelligence division xAI.
The spending seeks to make good on a series of promises by Mr Musk relating to Tesla’s transition towards self-driving cars and robotics that have, so far, fallen short of targets.
